In recent years, Hong Kong Customs has noted an increasing trend in cases involving unlicensed money services provided through social media platforms. To effectively combat such illegal activities, Customs has intensified online patrols and enforcement efforts, and detected 23 cases of unlicensed money service operations and arrested 24 individuals in 2025, of which 22 cases involved the use of social media platforms. During the investigation of the unlicensed money service o

The Securities and Futures Commission (SFC) has obtained a disqualification order in the Court of First Instance against Mr Lo Ka Wai, a former executive director of National United Resources Holdings Limited (NUR) (Notes 1 to 3). Lo was disqualified for a period of three years from being a director, liquidator, receiver or manager of, or being involved in the management of, any listed or unlisted corporation in Hong Kong. Lo was also ordered to pay the SFC’s costs in the pro

The Court of First Instance has granted an interim injunction order in proceedings brought by the Securities and Futures Commission (SFC) under section 213 of the Securities and Futures Ordinance (SFO) against seven defendants who manipulated the shares of Wan Cheng Metal Packaging Company Limited (Wan Cheng) (Note 1).  Pursuant to the Court order, three defendants are prohibited from (i) removing any of their assets which are within Hong Kong, or (ii) in any way disposing of

South Korea has announced major anti-money laundering penalties on crypto exchange Bithumb as the country continues a crackdown on defaulters. Bithumb underwent its Financial Intelligence Unit (FIU) inspection in March 2025 and has now been found culpable by the authorities. According to reports from local media, the crypto exchange has now been fined heavily for violating domestic regulations. In its statement, the FIU claimed that it discovered several compliance failures a

Cambodia says it has extradited to China a billionaire businessman accused of masterminding a vast cryptocurrency scam in which trafficked workers were lured to forced labour camps to defraud victims globally. Chen Zhi was among three Chinese nationals arrested on 6 January after a joint investigation into transnational crime lasting several months, Cambodia said. The US charged the 37-year-old last October with running internet scams from Cambodia that it said had stolen bil

The Securities and Futures Commission (SFC) has reprimanded and fined Saxo Capital Markets HK Limited (SCMHK) $4 million for failures in distributing virtual asset (VA) funds not authorised by the SFC and VA-related products (collectively, VA Products) on the firm’s online trading platform (Online Platform) (Note 1). Between 1 November 2018 and 25 November 2022 (Relevant Period), SCMHK allowed retail clients to trade certain VA Products on the Online Platform. These products

A professional money launderer whose criminal enterprise generated more than $120 million for customers must forfeit half a million to the Crown. Musabayoufu Fuati and his co-offender, Daniel Hu, both served sentences of home detention for their crimes, which included laundering money for drug dealers, smugglers and fraudsters. The pair used false identities and a network of disposable “money mules” to make $123 million in cash deposits over three years for their foreign exch

The FCA has fined 2 former finance directors for their part in misleading statements being issued by Carillion plc. Richard Adam and Zafar Khan were both aware of serious financial troubles in Carillion’s UK construction business but failed to reflect this in company announcements or alert the Board and audit committee, leading to poor oversight. Mr Adam and Mr Khan have been fined £232,800 and £138,900, respectively. The fines were imposed after Mr Adam and Mr Khan withdrew

We want a market where innovation can thrive, but where people understand the risks. Regulation cannot – and should not – remove all risk. Instead, it should make sure anyone investing in crypto does so with their eyes open. Our proposals apply a similar approach to crypto as we do in traditional finance: clear information for consumers, proportionate requirements for firms, and flexibility to support innovation. What we’re consulting on Admissions and disclosures – Rules for